The cost of these improvements will be about $20,000 a year for the next three years, but a saving of about a third of this on annual weeding costs may be expected and sured: by our visiting agent money spent will be more by the increased production which may be anticipated In order to carry out these schemes in the most successful manner, we have engaged Mr. L. Lockyear, who has had past experience of a simivious year. The increase, despite a fall in the average price received from 86 cents to 81 cents, is due partly to the production of 360,- 831 Ib, of rubber, against 236,845 1b, im the previous year, consequent upon the removal of restriction, and partly to the profit on the abnormally high stock carried forward from the previous year, The stock which I refer consisted of rubber manufactured but unexportable until after the removal of restriction on October 31, 1928, and of unmanufactured scrap collected during the restriction period but unexportet owing to restriction, The which re~ alized a profit of Tls. 6)805.12 in excess of the valuation in last year's accounts. At the close of the year under review, rubber stock consisted of 47,140 1b., valued in the accounts at Tis, 12,811.96, but we have. since received advices' that 42,900 1b, of it have realized $13,120, which indicates an excess over the whole of from Tls. 1, Tis, 2,000, The balance sheet shows the com. pany in a sound financial position and, wore it not for the unsatisfactory condition of" the rubber growing industry, your directors would have felt ' justified in proposing payment of a larger dividend than 8 per cent. Conditions gen-rally, however, show that consump~ tion has not yet caught up production and, as that is the crux of the situation, we cannot look forward to, very prosperous times yet awhile. At the same time, it is at least satisfactory to know that this company is producing at under, 23 fe ents per Ib. all in and thus has some margin, even with the present selling price of 27 to 28 cents. T have nothing further to add, ge thems but, if any of you have any questions to ask, I shall be glad to answer them to the best of my ability.
Text read from the printed page and cleaned; old type leaves the occasional error.